| |
| |
|
WebsiteAlways |
|
Legislators Ponder New Credit Protection Laws
Legislators in Washington, D.C. are considering several credit-related consumer protections as outlined in The Fair and Accurate Credit Transaction Act of 2003 (H.R. 2622). If approved, consumers could benefit from the most wide-ranging changes to the rules covering consumers and credit in decades. One of the most important changes would be the right to receive a free annual copy of your credit report, upon request, from the three major credit reporting agencies: Equifax, TransUnion and Experian. Currently only six U.S. states offer their residents this form of consumer protection. Federal law requires that a consumer may obtain a free copy of their credit report only if they have been denied a loan or credit based upon information contained in their credit reports. Other highlights of The Fair and Accurate Credit Transaction Act of 2003 include:
At first glance this bill appears to offer valuable credit protections for consumers. However, there are others who feel this legislation either doesn't do enough or even reduces consumer rights. The proposed federal law could replace tougher laws already in place in some states and that has consumer advocates concerned. For an in depth analysis of H.R. 2622 by leading consumer advocates, visit http://www.privacyrights.org/ar/HR2622Analysis.htm Lawmakers and consumer groups agree that changes need to be made to better protect consumers and their credit rights. Whether or not The Fair and Accurate Credit Transaction Act can address these concerns remains to be seen. About The Author © 2003, www.yourfreecreditreportnow.com James is editor of "To Your Credit" a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9; jimdim815@aol.com
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Negotiating Rates with Your Credit Card Company Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can. What You Need To Know About Credit Cards What is a credit card? A credit card is a card that allows you to borrow money to pay for things. There will be a limit to how much you can spend called your credit limit. Credit Reports - Why Your Credit Score is Important If you have never heard of a FICO score before, you should become familiar with the term. Named for the firm that invented it, Fair Isaac Corp. Rewards Cards - Are They Right For You? Rewards cards have become the latest rage in the credit card industry. In the past, consumers shopped for credit cards that offered the lowest interest rate. Understanding Credit Report Score Understanding credit report scores is important when you see your credit report because you need to be able to make some sense of it.Your credit score is used by anyone loaning you money such as credit card companies, home loan lenders, auto loan lenders and finance companies. Bad Checks, Bounced Checks, & NSF Checks Negotiable instruments like checks and drafts have become an indispensable part of any business transaction today. As a result, it has become increasingly important to safeguard a business against financial losses arising from the receipt of fraudulent or bad checks. 7 Ways To Squash Identity Theft It is the scourge of our age: identity theft. Thieves learn an important part about your personal information, such as your credit card number, and they open accounts in your name and spend, spend, spend! Unfortunately, by the time you discover that you are a victim the damage is already done. Credit Verus Debt Secured and unsecured debt - what's the difference?It's easy to just think that debt is just debt, but in reality, there are different types of loans, and it's important to know what which type you have.You will need to understand the differences in order to be a good money manager, or, if the worse happens and you find yourself turning to credit or debt counseling, you'll need to understand how different types of debt can be handled. How To Use Your Credit Cards Wisely Are you one of the thousands pulling your hair out trying to figure out how you're going to pay your credit card bills? Using your credit cards wisely and sensibly will help you avoid financial problems and establish a strong credit rating, so here's some information to help you get your credit card problems under control.Credit cards are convenient for buying things now and paying later. What You Should Know About Credit Counseling Credit counseling is a free service that many people with money problems have turned to in the face of financial ruin. Credit counseling companies negotiate with your creditors to reach financial solutions that benefit both you and your creditors. Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now.. Credit Cards - A Blessing or a Curse? Owning a credit card can be quite an advantage. Whether making online purchases, booking an air ticket or a hotel room on the phone or simply being in need of some emergency cash, having a credit card can be a big help. Teaching Students To Keep Out Of Credit Card Debt - The Parents Role Parents have the full responsibility for their children and their education. It is up to parents to teach their children what's right and what's wrong, how to conduct themselves as good citizens, how to cross the road safely and generally protect themselves from harm. Credit Counseling: Could it Work for Me? In the face of financial hardship, many seeking a responsible solution turn to credit counseling. Credit counseling is, all too often, the last stop before bankruptcy. Beware of Falling Minimum Payments If you opened a credit card statement recently and were pleasantly surprised to find that your minimum payment due was lowered, don't be so quick to "jump for joy". What may appear as a small boost to your monthly budget is actually the rock that can weigh you down in debt for a lifetime. Searching For A Low Interest Credit Card? These days, people need to very carefully consider what type of credit card they will carry in their wallets. There are so many options out there, and each individual has different needs. Compare Credit Card Offers and Reward Yourself Here's a simple system on how to pay zero interest and get tons of free stuff. Almost everyone uses credit cards. Are 0% Credit Cards Reaching Their End? Are Credit Card companies starting to feel the pinch? We all know that the Credit Card companies make their money by charging us interest on the money we borrow. With all the 0% balance transfer offers that we have seen over the last few years its no wonder these companies are concerned they aren't making any money. The FICO Score Misconceptions There are many misconceptions about credit scores out there. There are borrowers who believe that they don't have a credit score. What You Need to Know About Credit Reports You hear people talk about credit reports all the time but do you know what they are really all about? Well, if you have ever been turned down when applying for a credit card or a loan it is high time you learned all about your credit report and how you can get it working for you instead of against you.Let's start off by explaining what your credit report actually is.
|
| Interesting articles | Home | site map | Link |
| © 2006 |
